MSCI Inc.MSCI

MSCI Inc. Revenue Disclosure

10-KFiled Feb 6, 20263 min read
REVENUE RECOGNITION
MSCI’s operating revenues are reported by product type and each product type may have different timing for recognizing revenue. The Company’s operating revenue types are recurring subscriptions, asset-based fees and non-recurring revenues. The Company also disaggregates operating revenues by segment.
The tables that follow present the disaggregated operating revenues for the periods indicated:
For the Year Ended December 31, 2025
Segments
(in thousands)IndexAnalyticsSustainability and Climate
All Other – Private Assets
Total
Operating Revenue Types
Recurring subscriptions$957,897 $697,488 $346,401 $276,918 $2,278,704 
Asset-based fees770,670 — — — 770,670 
Non-recurring58,241 16,909 7,514 2,421 85,085 
Total$1,786,808 $714,397 $353,915 $279,339 $3,134,459 
For the Year Ended December 31, 2024
Segments
(in thousands)IndexAnalyticsSustainability and Climate
All Other – Private Assets
Total
Operating Revenue Types
Recurring subscriptions$882,367 $658,610 $318,835 $254,633 $2,114,445 
Asset-based fees657,501 — — — 657,501 
Non-recurring56,277 16,479 7,766 3,660 84,182 
Total$1,596,145 $675,089 $326,601 $258,293 $2,856,128 
For the Year Ended December 31, 2023
Segments
(in thousands)IndexAnalyticsSustainability and Climate
All Other – Private Assets
Total
Operating Revenues Types
Recurring subscriptions$814,582 $603,291 $282,351 $171,066 $1,871,290 
Asset-based fees557,502 — — — 557,502 
Non-recurring79,731 12,665 5,217 2,515 100,128 
Total$1,451,815 $615,956 $287,568 $173,581 $2,528,920 
The tables that follow present the change in accounts receivable, net of allowances and current deferred revenue between the dates indicated:
(in thousands)Accounts receivable, net of allowancesDeferred revenue
Opening (December 31, 2024)
$820,709 $1,123,423 
Closing (December 31, 2025)
986,712 1,231,776 
Increase/(decrease)$166,003 $108,353 
(in thousands)Accounts receivable, net of allowancesDeferred revenue
Opening (December 31, 2023)
$839,555 $1,083,864 
Closing (December 31, 2024)
820,709 1,123,423 
Increase/(decrease)$(18,846)$39,559 
The amounts of revenues recognized in the periods that were included in the opening current deferred revenue, which reflects contract liability amounts, were $1,123.4 million, $1,022.9 million and $836.7 million for the years ended December 31, 2025, 2024 and 2023 respectively. The difference between the opening and closing balances of the Company’s deferred revenue was primarily driven by an increase in billings, partially offset by an increase in amortization of deferred revenue to operating revenues. As of December 31, 2025, 2024 and 2023, the Company carried a long-term deferred revenue balance of $34.0 million, $32.2 million and $28.8 million, respectively, in “Other non-current liabilities” on the Consolidated Statement of Financial Condition.
For contracts that have a duration of one year or less, the Company has not disclosed either the remaining performance obligation as of the end of the reporting period or when the Company expects to recognize the revenue. The remaining performance
obligations for contracts that have a duration of greater than one year and the periods in which they are expected to be recognized are as follows:
As of
(in thousands)
December 31,
2025
First 12-month period
$1,134,928 
Second 12-month period
736,751 
Third 12-month period
367,405 
Periods thereafter239,134 
Total$2,478,218 

Historical Timeline

Fiscal YearFiled
2025Feb 6, 2026Showing above
2024Feb 7, 2025
2023Feb 9, 2024
2022Feb 10, 2023
2021Feb 11, 2022
2020Feb 12, 2021
2019Feb 18, 2020
2018Feb 22, 2019

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

Other Available Disclosures

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